Field of the Disclosure
Aspects of the disclosure relate in general to security and fraud prevention in financial services. Aspects include an apparatus, system, method and computer-readable storage medium to split a payment card transaction into separate channels with a merchant bill message and a cardholder payment message.
Description of the Related Art
In modern times, payment cards are rapidly replacing cash to facilitate payments or other forms of financial transactions. A payment card is a card that can be used by a cardholder and accepted by a vendor or merchant to make a payment for a purchase or in payment of some other obligation. An example of a payment card includes a stored-value card (such as a transit card or gift card), credit card, debit card, automated teller machine card, or charge card. The payment card is generally used to pay an exact amount.
Payment cards are affiliated with payment networks, which are operational networks that enable monetary exchange between parties.
Typically during a purchase transaction, payment card information is captured at a merchant point-of-sale (POS) device, and transmitted over a single channel to a payment card issuer financial institution for transaction authorization via an acquiring financial institution and the payment network. If the issuer deems the payment cardholder credit worthy and that the transaction is unlikely to be fraudulent, the issuer notifies the payment network that the transaction is authorized. This authorization is sent to the merchant POS device via the acquirer, and the transaction is concluded.